Learn Italian: Odiamo l'attesa, ma il cibo è buonissimo. - We hate the wait, but the food is very good.

The normal adjective for "good" is buono. To make it absolute (meaning "very" or "extremely" good), you drop the final vowel (-o) and add the suffix -issimo. Because it describes il cibo (a masculine singular noun), the final ending stays -o.

Could I just say molto buono instead of buonissimo?

Yes, absolutely! Molto buono and buonissimo mean the exact same thing. Italians love using the -issimo ending because it sounds very natural and expressive, but both are perfectly correct ways to say "very good".

Is the noun l'attesa related to a verb?

Yes, attesa means "the wait" and comes from the verb attendere (to wait). Even if you usually use the verb aspettare to say "to wait", l'attesa is still the most common noun used for "the wait". Also notice how la attesa shrinks to l'attesa because the noun starts with a vowel.

Why isn't there a word for "we" before odiamo?